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Jeannemarie Conley, Compass’ managing director, on the state of housing in Boston

by Boston Agent

Jeannemarie-Conley

Jeannemarie Conley is the managing director of Compass in Boston

Boston Agent (BA): How has real activity been in Boston so far in 2016?

Jeannemarie Conley (JC): Activity in Boston so far this year has been consistent. We are seeing a bit of a leveling off in the high-end from last year at this time, when bidding wars were rampant. Now, there is more of a stabilized market. We continue to see record numbers on the high end, both on a per-square-foot and price-point basis.

BA: Tell us about the Back Bay neighborhood – how has business been there? And why?

JC: Back Bay is the nucleus of Boston – this area historically and continuously commands the highest priced and most luxurious residences in Boston. There are several reasons for that. Everything is within walking distance of Back Bay – phenomenal restaurants, theaters, Symphony Hall, everyday amenities (CVS, dry cleaners, etc.) – and there is very easy access to highways and the airport.

The preserved architecture is some of the most beautiful in the country. We are lucky to have architecturally protected facades; the grace and charm from the 19th century carries through to today from a time when these grand single-family homes were built for Boston elites. The views from some of the new luxury towers are outstanding. Finally, there is the green space – Boston Common, the Public Garden and the Commonwealth Avenue Mall (modelled after the Champs Elysees) are absolutely exquisite. To have this amount of urban green space is rare and highly desirable in the Northeast.

BA: Boston’s housing inventory remains very low – what kind of impact has that had on the home search process?

JC: Buyers remain alert and attentive to new listings and price changes. The ability to act quickly and close with cash provides an advantage over buyers financing the purchase. The low inventory has created demand, which in turn has increased our prices. Boston has never been a high-inventory city, even during the financial crisis. We do not have excessive land to build on, and the development process is quite complex and expensive.

BA: Finally, prices continue to rise in Boston, and affordability has been a concern. Is that an issue with any of your clients?

JC: Not for the clients or clientele I work with. Boston is a very unleveraged city when it comes to purchasing residential real estate. In recent years, almost 40 percent of Boston’s residential real estate transactions were all cash. We are also a very diversified city when it comes to buyer profile – empty nesters (selling homes in the suburbs and moving into Boston), international buyers/investors and families staying in the city longer all contribute to a healthy platform of buyers.

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